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ARTICLE · 13 NOVEMBER 2025

Whitepaper On Stablecoins

AZB & Partners
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Our white paper examines global developments surrounding stablecoins and principles that may be applied whilst designing a potential regulatory framework for India.

IndiaTechnology
Rohan Bagai
Rohan Bagai
Sagnik Chatterjee
Sagnik Chatterjee
Adishree Singh
Adishree Singh
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Whitepaper on Stablecoins1

Section I – Executive Summary

1.1. At present, India does not have a dedicated regulatory framework for stablecoins. Existing payments, exchange control and anti-money laundering frameworks, such as the Payment and Settlement Systems Act 2007 ("PSS Act"), Foreign Exchange Management Act 1999 ("FEMA"), and Prevention of Money Laundering Act 2002 ("PMLA"), address only portions of the risk spectrum. By contrast, the European Union's Markets in Crypto-Assets Regulation ("MiCA") 2 and the United States Guaranteeing Essential Neutral Interoperable Utility Stablecoins ("GENIUS Act,2025")3 have already established comprehensive, disclosure-based regimes that integrate stablecoin issuance into their prudential and consumer-protection architecture.

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